RIONEGRO, Colombia and TORONTO, Aug. 16, 2017 /CNW/ - PharmaCielo Ltd. today announced that its wholly owned Colombian subsidiary, PharmaCielo Colombia Holdings S.A.S., has submitted its formal application to the Ministry of Justice to become a licensed grower of medicinal-grade cannabis. The cultivation licence will be PharmaCielo's second, following the licence for processing and extraction of cannabis oil extracts for medical and scientific purposes granted to the Company in June 2016.
The Government of Colombia announced on August 10th, 2017 that after much work and reconsideration of previous protocols, introduced in 2016, it was accepting applications effective immediately.
"We appreciate the careful and thoughtful process the government has put into the licensing application protocols, and are pleased to have submitted our first cultivation application, which is for our primary facility. This is an essential next step in the establishment of our complete operations in Colombia," said Patricio Stocker, President and CEO of PharmaCielo Ltd. "PharmaCielo is ready to commence cultivation immediately upon receiving licence approval."
Under Decree 613 of 2017, the government has committed that the period for review of licence applications will be no longer than 30 days provided the specific requirements for the licence have been met.
PharmaCielo Ltd. is a global company privately held and headquartered in Canada, with a focus on processing and supplying all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings SAS, headquartered at its nursery and propagation centre located in Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia Holdings are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location will play in building a sustainable business in the medical cannabis industry, and the company, together with its directors and executives, has built a compelling business plan focused on supplying the international marketplace.
For further information:
This press release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or "recurring" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as demand for the Company's products, currency exchange changes and risks, internal funding and the financial condition of the Company, product roll-out, competition, technological changes, and other commercial matters involving the Company, its products, and the markets in which the Company operates, as well as general economic conditions, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports should be consulted.
Investor Inquiries: [email protected]
For further information: Media Relations: David Gordon, Tel: +1 647 259 3258, [email protected]; (Colombia) Juan Manuel Cuellar, Tel: +57 310 3298776, [email protected]; Investor Inquiries: Tel: +1 647 560 4640, Toll Free 888 968 8279, [email protected]